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METRO gROUP : ANNUAL REPORT 2011 : BUsiNEss
→ noTes : noTes To THe GRoUp aCCoUnTInG pRInCIples anD MeTHoDs
Tangible assets
Tangible assets used in operations for a period of more than
one year are recognised at amortised cost pursuant to Ias 16
(property, plant and equipment). The manufacturing cost of
internally generated assets includes both direct costs and
appropriate portions of attributable overhead. Financing
costs are only capitalised in relation to qualified assets as
a component of cost of purchase or production. In line with
Ias 20 (accounting for Government Grants and Disclosure),
investment allowances received are offset against the purchase
or manufacturing cost of the corresponding asset, with
no item of deferral formed for the allowances on the liabilities
side. Reinstatement obligations are included in the cost
of purchase or production at the discounted settlement value.
Retroactive purchase or production costs of a tangible asset
are only capitalised as well if they result in a higher future
economic benefit for MeTRo GRoUp.
Tangible assets are depreciated solely on a straight-line
basis using the historical cost method pursuant to Ias 16. The
optional new measurement method is not applied. Throughout
the Group, scheduled depreciation is based on the following
useful lives:
Buildings
leasehold
10 to 33 years
improvements
Business and office
8 to 15 years or shorter rental contract duration
equipment 3 to 13 years
Machinery 3 to 8 years
Capitalised reinstatement costs are written down on a pro
rata basis over the useful life of the asset.
pursuant to Ias 36, an impairment test will be carried out if
there are any indications of impairment of a tangible asset.
The asset will be written down using non-scheduled depreciation
if there are any indications of impairment and if the
recoverable amount is below the amortised cost. The assets
are written back if the reasons for non-scheduled depreciation
have ceased to exist.
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In accordance with Ias 17 (leases), economic ownership
of leased assets is attributable to the lessee if all
the material risks and rewards incidental to ownership of
the asset are transferred to the lessee (finance lease). If
economic ownership is attributable to a MeTRo GRoUp
company acting as lessee, the leased asset is capitalised
at fair value or at the lower present value of the minimum
lease payments when the lease is signed. In analogy to the
comparable purchased tangible assets, leased assets are
subject to scheduled depreciation over their useful lives or
the lease term if the latter is shorter. However, if it is sufficiently
certain that ownership of the leased asset will be
transferred to the lessee at the end of the lease term, the
asset is depreciated over its useful life. payment obligations
resulting from future lease payments are carried as
liabilities.
an operating lease applies when economic ownership of the
leased object is not transferred to the lessee. The lessor does
not recognise assets or liabilities for operating leases, but
merely includes rental expenses linearised over the term of
the lease in its income statement.
In the case of leasing agreements relating to buildings and
related land, these two elements are generally treated separately
and classified as finance and operating leases.
Investment properties
In accordance with Ias 40 (Investment property), investment
properties comprise real estate assets that are held
to earn rentals and/or for capital appreciation. In analogy
to tangible assets, they are recognised at cost less scheduled
and potentially required non-scheduled depreciation
based on the historical cost model. Measurement at
fair value through profit or loss based on the “fair value
model” does not apply. scheduled depreciation of investment
properties is effected over a useful life of 15 to 33
years. Furthermore, the fair value of these properties is
stated in the notes. It is determined either on the basis of
recognised measurement methods or independent expert
opinions.